CALGARY, Alberta, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the
“Company”) (TSX:ZAR) has re-engaged Macquarie Capital Markets Canada Ltd. as financial advisor to assist in seeking outcomes
that will maximize value for the Company and its stakeholders. These outcomes may include a corporate merger, sale,
recapitalization or reorganization. Zargon’s long-life, low-decline oil exploitation assets have significant upside potential
in a period of prolonged higher oil prices. In addition, Zargon brings a TSX listing and more than $155 million of non-capital
losses that could have significant value in a more favourable Canadian energy investment climate. As previously announced, Zargon
also commenced marketing its North Dakota assets in December 2018, assisted by Energy Advisors Group (formerly PLS).
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information and statements within the meaning of applicable
securities laws. The use of any of the words "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project",
"should", "plan", "intend", "believe" and similar expressions (including the negatives thereof) are intended to identify
forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains
forward-looking information and statements pertaining to the Company's strategic initiative process and the effect of the Exchange
Transaction on Zargon's prospects and flexibility to pursue strategic, value-enhancing transactions.
The forward-looking information and statements included in this news release are not guarantees of future
performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking
information or statements including, without limitation: those relating to results of operations and financial condition; general
economic conditions; industry conditions; changes in regulatory and taxation regimes; volatility of commodity prices; escalation of
operating and capital costs; currency fluctuations; the availability of services; imprecision of reserve estimates; geological,
technical, drilling and processing problems; environmental risks; weather; the lack of availability of qualified personnel or
management; stock market volatility; the ability to access sufficient capital from internal and external sources; competition from
other industry participants for, among other things, capital, services, acquisitions of reserves, and undeveloped lands and skilled
personnel. Risks are described in more detail in our Annual Information Form and other public documents, which are available on
www.zargon.ca and on www.sedar.com. Forward-looking statements are provided to allow investors to have a greater understanding of
our business.
You are cautioned that the assumptions used in the preparation of such information and statements, including,
among other things: future oil and natural gas prices; future capital expenditure levels; future production levels; future exchange
rates; the cost of developing and expanding our assets; our ability to obtain equipment in a timely manner to carry out development
activities; our ability to market our oil and natural gas successfully to current and new customers; the impact of increasing
competition; the availability of adequate and acceptable debt and equity financing and funds from operations to fund our planned
expenditures; our ability to add production and reserves through our development and acquisition activities; and the receipt, in a
timely manner, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated
will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information and
statements contained in this document is expressly qualified by this cautionary statement. Our policy for updating forward-looking
statements is that Zargon disclaims, except as required by law, any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
About Zargon
Zargon is a Calgary-based oil and natural gas company working in the Western Canadian and Williston sedimentary
basins and is focused on oil exploitation projects (water floods and tertiary ASP) that profitably increase oil production and
recovery factors from existing oil reservoirs.
In order to learn more about Zargon, we encourage you to visit Zargon's website at www.zargon.ca where you will find a current shareholder presentation, financial reports and
historical news releases.
For further information please contact:
C.H. Hansen
President and Chief Executive Officer
Zargon Oil & Gas Ltd.
Telephone: 403-264-9992
E-mail: zargon@zargon.ca
Website: www.zargon.ca
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